IFRS Learning Module 4: Inventories

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Michael J. Walker, CPA
Course ID: Advanced Preparation: Experience Level:
MW-110 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General Understanding of Accounting Self-Study eBook
COURSE DESCRIPTION

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation, and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 4 of the IFRS Learning Module series presents an overview of IAS 2 Inventories, the accounting standard for classifying and measuring inventories in IFRS financial statements. This module also discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

Topics include:
  • Chapter 1: INTRODUCTION TO IAS 2
  • Chapter 2: INVENTORY CLASSIFICATIONS
  • Chapter 3: INVENTORY SYSTEMS
  • Chapter 4: MEASUREMENT OF INVENTORIES (PART 1)
  • Chapter 5: MEASUREMENT OF INVENTORIES (PART 2)
  • Chapter 6: MEASUREMENT OF INVENTORIES (PART 3)
  • Chapter 7: DISCLOSURES
  • Chapter 8: IFRS & U.S. GAAP CONVERGENCE

Learning Objectives:

After reading the course material, you will be able to:

  • Identify major classifications of inventory.
  • Distinguish between perpetual and periodic inventory systems.
  • Describe the items to include as inventory cost.
  • Describe and compare the formulas used to measure inventories in IFRS financial statements.
  • Explain when reporting entities measure inventories at a net realizable value in IFRS financial statements.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA